Excessive regulations hurt economy

Issue: When President Obama took office in 2009, the debt under President Bush had risen to 69% of the country’s gross domestic product (GDP). Now, after Obama’s stimulus plan and other spending, our debt is equal to almost 100% of our GDP. Or put another way, the U.S. government receives about $6.3 billion per day in income while its expenditures are $10 billion per day according to the U.S. Treasury Department.

One of the largest obstacles to our economic recovery is the excessive number of regulations imposed by the Obama administration as well as the burden of high corporate taxes and the uncertainty over the cost of Obamacare.

As Senator John Barrasso (R-WY) said last week, “Every few months, President Obama announces that he is going to focus on jobs again. Instead of making it easier for the private sector to create new jobs, the Administration has actually made it harder. Unless the Administration repeals new regulations for ozone, greenhouse gasses, utilities, domestic oil and gas producers, and factories, millions more Americans are likely to lose their jobs.”

Senator Barrasso has tallied the number of new onerous regulations coming from the administration in July. He found 379 new rules were finalized and another 229 proposed regulations that together will cost businesses $9.5 billion and a loss of 11.4 million jobs. These include EPA regulations of coal-fired plants, increased mileage requirements on automakers, delays on drilling in offshore locations and more Obamacare rules.

Comment: The president had 5 different birthday bashes, better known as fundraisers, while the debt was downgraded and the economy languishes. With a few phone calls he could tell his cabinet to delay these new regulations and open the Gulf and federal lands to drilling which would be a first step in helping the economy recover.

Comment: If Democrat fat cats cared about America, they would do to Obama’s campaign economy what he has done for ours: flush it down the dumper.